FINANCE Minister Tengku Zafrul Tengku Abdul Aziz has shared that the implementation of the Prihatin economic stimulus package, announced by Prime Minister Tan Sri Muhyiddin Yassin, is on track as of April 12. This follows the promise that there will be weekly updates regarding the implementation of Prihatin.
During a live broadcast on social media, Tengku Zafrul shared that, of the 10 main initiatives under Prihatin, six of them worth RM180 bil are already being implemented. These are the moratorium on loan payments, worth RM100 bil; the withdrawal scheme from Employees Provident Fund (EPF) Account 2, worth RM40 bil; the wage subsidy implemented by the Social Security Organisation (Socso) worth RM13.8 bil; the reduction in minimum EPF contributions, worth RM10 bil; Bantuan Prihatin Nasional (BPN), worth RM10 bil; and the Special Relief Fund (SRF) worth RM5 bil.
The remaining four steps will be implemented as of May 1, according to schedule. These are the loan guarantee scheme by Danajamin Nasional Bhd, worth RM50 bil; employer cash flow consultation facilities by EPF worth RM10 bil; the small-scale project implementations by the government, worth RM4 bil; and the special grant for micro, small and medium businesses (MSMEs) worth RM2.1 bil.
RM30 mil was also added to the student allocation, pushing the total amount to RM30 mil, to allow students in Form 6, along with vocational skills students at Grade 4, to receive aid as well. The RM200 one-off payment will be made at the end of April to 1.5 million students.
With regards to BPN applications, as of April 12, a total of 8.3 million applications have been approved, with 6.6 million having received a total of RM4.9 bil. This comes from 3.2 million families from the B40 segment having received RM3.2 bil and 3.4 million B40 singles having received RM1.7 bil. By April 15, another 1.5 million people will receive BPN funds worth RM750 mil.
As for the RM600 one-off incentive for taxi drivers, tour guides and trishaw riders, 33,000 people have received RM20 mil, making up 86% of taxi drivers, 63% of tour guides, and 100% of trishaw riders.
The special allowance for frontliners will begin in April, while e-hailing drivers also saw a change to what constitutes a full-time e-hailing driver, with a minimum of RM1,200 earned per month. Payments will be made on April 20 to 90,000 eligible e-hailing drivers, with each getting RM500 for a total of RM45 mil.
As of April 12, a total of 1,974 medical officers to support frontliners have been appointed. The target was 2,000 medical officers of various grades. At the same time, the SRF has approved 2,958 businesses for RM1.48 bil of the total RM5 bil allocated. For the EPF Account 2 withdrawal scheme, a total of 1.2 applications have been made, with 1.17 million approved, with an estimated RM572 mil to be withdrawn in the month of May. Tengku Zafrul noted that he expects this number to rise in the coming months.
With regard to the employee wage subsidy, there have been applications from 31,000 employers for 299,000 staff, with 98% of these being companies with 75 workers or fewer. This is expected to use RM307 mil of the allocated RM13.8 bil.
The employee retention programme, which will pay RM600 a month to staff on unpaid leave, has seen applications from 6,900 employers for 47,000 staff, which is expected to use RM28.6 mil of the allocated RM120 mil. – April 14, 2020
